Airtel Money Unveils Plans For London IPO

Airtel Money has announced plans to float on the London Stock Exchange in a move that will separate the pan-African digital financial services business further from its telecom parent and position it for a new phase of expansion.

The company, which operates across 13 African markets, said it intends to undertake an initial public offering (IPO) and seek admission of its ordinary shares to the Official List of the UK’s Financial Conduct Authority and trading on the London Stock Exchange’s Main Market.

The proposed listing will comprise existing shares sold by current shareholders rather than the issuance of new shares. Airtel Money said no new capital will therefore be raised by the company through the offer.

Airtel Money said International Finance Corporation (IFC) has entered into a cornerstone investment agreement to purchase up to £67.2 million, approximately $90 million, of shares from existing shareholders at the final offer price, subject to customary conditions.

The company has yet to disclose the indicative price range or size of the IPO. Those details are expected to be included in a prospectus scheduled for publication in early October 2026, while the final offer price is expected to be announced in mid-October following the book-building process.

53 million monthly users

The planned flotation comes as Airtel Money reports rapid growth in its customer base and transaction volumes.

The company had approximately 53 million monthly active users as of June 30, 2026, while total processed value reached $213 billion in the 12 months to June. Its customer base has grown at a compound annual rate of 20% since the year ended March 2018, while processed transaction value has grown at 33% annually over the same period.

Airtel Money generated $1.346 billion in revenue in the financial year ended March 2026, with EBITDA of $676 million and net income of $373 million. Its EBITDA margin was approximately 50%, while operating free cash flow stood at $638 million.

The company said it has no external borrowings and that capital expenditure accounted for three per cent of revenue in the year ended March 2026.

Airtel Africa, which owns 77.85 per cent of Airtel Money, is expected to remain a long-term strategic shareholder after the listing. Minority investors, including TPG, Mastercard, Qatar Investment Authority and Chimetech Holding, acquired stakes in Airtel Money in 2021 for a combined consideration of $550 million.

Growth opportunity

Airtel Money CEO Ian Ferrao said the proposed London listing would support the company’s next stage of growth as digital transactions expand across its markets.

“Digital transaction volumes across our footprint are forecast to grow around fivefold by 2031,” Ferrao said, citing opportunities to convert more Airtel Africa telecom subscribers to Airtel Money, increase use of its app and expand its product offering.

The company currently reaches 41 per cent of Airtel Africa’s telecom subscriber base, leaving more than 75 million subscribers across its 13 markets who are not yet Airtel Money customers.

Its distribution network includes more than 2.3 million agents and over 43,000 exclusive retail touchpoints. The platform also connects about 490,000 merchants and more than 3,700 enterprises.

Airtel Money’s operations include cash deposits and withdrawals, peer-to-peer transfers, international remittances, bill payments, merchant payments and salary disbursements. In selected markets, customers can also access loans, savings, insurance, wealth products and Mastercard virtual cards.

App and digital payments in focus

The company is also seeking to increase usage of its smartphone application, which it sees as a major route to deeper customer engagement.

Airtel Money said smartphone users account for about half of its customer base, but only approximately 13 per cent of customers used its app during the 12 months ended June 2026.

The company said app users in its six largest markets generate average revenue of about $9.50 per user, compared with $1.80 for feature-phone customers. App transaction value nearly doubled to about $10.95 billion in the 12 months to June 2026 from $5.5 billion a year earlier.

The company is also expanding merchant payments, enterprise services and financial products. It reported a 61 per cent increase in revenue from merchant and bill payments in the 12 months ended June 2026.

Nairobi role

While Airtel Money’s global headquarters and strategy functions are based in the Netherlands and Dubai, the company says Nairobi serves as one of its specialised operational hubs, driving product innovation. India provides shared services including engineering, development, revenue assurance and financial reporting.

The company said its strategy is to deepen financial inclusion across markets where formal banking penetration remains relatively low. It estimates that only 20–25 per cent of adults across its 13 Sub-Saharan African markets have a bank account, compared with about 87 per cent in developed markets.

Airtel Money is targeting constant-currency revenue growth in the mid-20 per cent range for the year ending March 2027. It expects its underlying EBITDA margin to moderate by up to about two percentage points in that year before targeting a return to above 50 per cent over the medium term.

The company said trading since July 1, 2026, has remained in line with directors’ expectations, with positive momentum across wallet services, payments and transfers and financial services.

The proposed listing remains subject to the publication and approval of the relevant prospectus and other conditions. Airtel Money said it may decide not to proceed with the offer and that there is no guarantee that the IPO or admission to the London Stock Exchange will occur.